Upcoming Foreclosures

2 Questions re REOs / Bank-Owned props (thank you)?

Thanks in advance for your help on the following 2 questions that are plaguing me: How SOON (and how OFTEN) after banks reaquire a property from the auction (assuming they bid & win) do banks assign their properties to their preferred real estate agents for sale? I ask these 2 questions because I'd like to be able to purchase a REO direct from the lender before it goes to an agent because the agents (no fault of theirs--it's just business) will usually mark it back up again and it's no longer really treated as a foreclosure and unaware buyers will end up paying "comp" values. As a future investor, I'd like to save any unncessary markup and commissions by getting it direct from the lender. Is there a usual "window of time" after the auction but before they assign the property to an agent that I should act? What's your experience? Thank you for your advice and help! thanks Ron. much appreciated!

Public Comments

1. I'm sorry, legitimate lenders are not in the business of owning real estate. Almost as soon as the properties are successfully bid by the lender, they are listed with an agent or a broker. However, that doesn't necessarily mean you cannot contact the ban/lender before the property actually goes up for the Sheriff's sale or the foreclosure auction. To help your cause or presentation, you could make this suggestion: when you get the property sold, you''ll deposit a certain percentage in an account with that lender. THE WORST answer you'll receive is "No". Other than in love and romance, "No" never hurt anyone. Thanks for asking your Q! I enjoyed answering it! VTY, Ron Berue Yes, that is my real last name!